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Personal Financial Management V3, It's all about managing your $$$
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chubbybobo
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 Apr 27 2015, 12:45 PM
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New Member
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Hi Sifus,
Here's my condition.
Net Income : RM 3,000
Car Loan: RM 550 until year 2019
Insurance : RM 200
House loan for parent : RM 250
Rental : RM 100
Balance Transfer : a) UOB - RM 300 until October 2015
b) OCBC - RM 280 until July 2015
Maxis : RM150
Petrol : RM200
Meal & Entertainment : RM 400
Saving : RM 500
I am planning to have a renovation for my new house, I have only 20k on hand which is not enough. I plan to apply for a personal loan of 15k for a period of 4 years. 2.5k from the personal loan is used to settled the balance transfer. I know the interest for personal loan is high, i want to know if I make an early settlement or pay more every month, will the interest reduce? For my salary & expenses, is it ok to apply for a personal loan?
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chubbybobo
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Apr 27 2015, 01:54 PM
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New Member
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QUOTE(supersound @ Apr 27 2015, 01:25 PM) You never mention on car maintenance cost, should keep rm300 a month for this on top of rm500. Entertainment too high, should cut down. Maxis also way too high for an employee, the cost shall be at rm5-10 a month if you do not run a business. Borrow money to enjoy are the most stupid idea to begin with. No money to renovate, then don't renovate. As for car maintenance, I claim from my company. The maxis is for 2 person, my spouse and I. It's included the internet surfing so it is expensive. I will cut it down once I move in to my new house. If I am not renovate the house now, then I may let it empty until I have sufficient money and after that all the renovation fee, furniture, electric appliance increases again. I will never get my house done then. At the beginning, I also plan to renovate the house using cash on hand, but the freaking thing is the cost for most of the basic renovation (wiring work, awning, ceiling, kitchen) is way more than my budget. Perhaps I should continue with the basic reno and buy a simple tilam to stay.  |
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chubbybobo
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Apr 27 2015, 01:55 PM
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New Member
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QUOTE(JIUHWEI @ Apr 27 2015, 01:42 PM) Net income 3000 and you have a new house? I don't think this adds up at all... The new house is bought by my husband. I no need to pay for the installment. |
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chubbybobo
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Apr 27 2015, 06:04 PM
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New Member
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QUOTE(JIUHWEI @ Apr 27 2015, 05:55 PM) That kind of adds to the mystery. In order for anyone to help you, we would need a joint income/expenses statement from you and your husband. Otherwise, the only thing everyone here will tell you to do is to sell your house because at 3000 income per month, you just can't afford a house, let alone renovating it. Here's my husband statement Net salary 10k car loan 800 house loan 1600 parent 800 Credit card balance transfer 200 until september 2015 Car maintenance rm 200 petrol rm500 tol rm150 astro 80 meal 500 saving 1000 insurance 300 invest 1000 the main reason i am thinking of personal loan is because i do not want to spend my husband money on renovation since he already pay for home loan. After summarize his expenses,i dont think i need to do so. I think i can take from him without paying the interest to bank. This post has been edited by chubbybobo: Apr 27 2015, 06:10 PM |
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